RUSSIAN MAMMOTH TAKES FIRM STANDING IN ARMENIA

RIA Novosti, Russia
June 15 2004

YEREVAN, June 15 (RIA Novosti) – President Robert Kocharyan is
enthusiastic as Russia’s industrial holding Volgaburmach has appeared
in his country. “It will be a partner to rely on,” he says.

The President received Andrei Ischuk, company Directors’ Board
chairman, yesterday, reports the presidential press service. The
conferees discussed drafting progress on a final version of a contract
for the Volgaburmach to overtake the entire stock of the Armenian-based
Nairit research-cum-production amalgamation, on the world’s Top Five
list of chloroprene rubber manufacturers.

Mr. Ischuk offered to the President an investment programme, and
blueprints to improve the company and bring it back to full capacity.

A contract on which the Volgaburmach will acquire complete Nairit
stock was signed in Yerevan, April 16.

The Volgaburmach possesses 14 factories and 11 construction and
assembly offices. Its consolidated turnover exceeded US$200 million
last year.